THE ROAD TO TURNAROUND March 23, 2026 FORWARD-LOOKING STATEMENTS Forward-looking statements are based upon various estimates and assumptions, as well as information known to the Company as of the date of the release of this presentation, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: the Company's ability to effectively compete in the fitness and nutrition industries; the ability to successfully acquire and integrate ne ...

Goldston said the company’s financial turnaround reached key milestones ahead of its prior schedule. He noted Beachbody achieved positive net income in Q3 2025 and again in Q4 2025, along with positive operating income in Q4 and for the full year 2025. He said this marked the first time since 2021 that the company posted both positive operating income and adjusted net income for the full year.Because 2025 results still include some “remnant” activity tied to the legacy business (which was shut down December ...

Core Viewpoint - Several financial institutions have initiated coverage on various companies with differing ratings and price targets, reflecting a mix of optimism and caution regarding their future performance. Group 1: Netflix (NFLX) - Barclays reinstated coverage with an Equal Weight rating and a price target of $115, suggesting that the stock's valuation may benefit from potential estimates upside as the company divests from Warner Bros. assets, but concerns about the rationale behind the bidding remain [1]. Group 2: Beachbody Company (BODI) - Craig-Hallum initiated coverage with a Buy rating and a price target of $15, highlighting the company's effective cost management during its turnaround and multiple growth initiatives, including the retail launch of Shakeology, P90X, and Insanity products, as well as a new P90X program after 20 years and a fitness program targeting 180 million inactive Americans [1]. Group 3: Forgent Power Solutions (FPS) - Goldman Sachs initiated coverage with a Buy rating and a price target of $48, noting that Forgent is among the few companies capable of providing a complete powertrain to data centers, positioning it to benefit as a marginal supplier of capacity. Other firms like KeyBanc, JPMorgan, and TD Cowen also started coverage with Buy-equivalent ratings, while Morgan Stanley and Baird opted for Neutral-equivalent ratings [1]. Group 4: Bob's Discount Furniture (BOBS) - KeyBanc initiated coverage with an Overweight rating and a price target of $28, indicating a 32% upside potential. The firm views Bob's as a compelling small-cap growth story, with several other institutions also starting coverage with Buy-equivalent ratings, while Goldman Sachs and Baird provided Neutral-equivalent ratings [1]. Group 5: Genmab (GMAB) - Wells Fargo initiated coverage with an Overweight rating and a price target of $40, expressing confidence that the upcoming readouts for Epkinly and petosemtamab are largely de-risked based on Phase 2 data [1].

Core Viewpoint - The article emphasizes the importance of developing good habits during the holiday season, particularly focusing on physical exercise, entertainment through media, and reading books as ways to enhance personal well-being and productivity. Group 1: Physical Exercise - Exercise, like investment, can yield compounding benefits and requires long-term commitment, especially in the initial stages [6][12] - Suggested home workout methods include using the Nintendo Switch with the "Ring Fit Adventure" game, which costs around 2,000 to 3,000 yuan and allows family members to track their progress individually [8] - For those seeking lower-cost options, workout videos like P90 and P90X are recommended, with varying difficulty levels [9][10] - Walking 10,000 steps daily is highlighted as a simple yet effective exercise method that can be easily integrated into daily routines [10][11] - Consistent exercise can lead to increased muscle mass and metabolic rate, ultimately aiding in fat loss and improved energy levels over time [12][13] Group 2: Entertainment - The article suggests watching high-rated TV shows during the holiday, including "Stranger Things," "Pittsburgh ER," and "Severance," which offer engaging narratives and unique concepts [17][20][26] - For gaming, titles like "Hades," "The Legend of Zelda: Breath of the Wild," and "Diablo II: Resurrected" are recommended for their relaxing gameplay [29][30] Group 3: Reading - Reading is presented as a highly effective way to acquire knowledge, with the author suggesting a quick evaluation method for new books to determine their worthiness for deeper reading [36][37] - Books are rated on a star system, with 5-star books being classics worth revisiting, while many books fall into the 1 to 3-star categories [38][43] - The author has previously reviewed over a hundred books, primarily focusing on investment literature, and plans to share a list of 5-star recommendations soon [42][45]

Core Insights - Tiger Finance has amended its credit facility with The Beachbody Company, Inc. (BODi) to enhance financial flexibility, reflecting BODi's improved performance and growth initiatives in the fitness and nutrition sector [1][2] Group 1: Financial Performance and Amendments - The revised terms with BODi acknowledge its strengthened liquidity position and financial performance, indicating a positive outlook for the company [2] - The amended financial covenants provide BODi with additional flexibility to execute growth strategies as it transitions from financial restructuring to new revenue opportunities in 2026 [2] Group 2: Company Background - BODi, originally known as Beachbody, has been innovating home fitness and nutrition programs for 25 years, with notable programs like P90X and Shakeology, helping over 30 million customers [4] - The BODi community supports individuals in achieving health goals, emphasizing accountability and well-being [4] Group 3: Tiger Finance Overview - Tiger Finance specializes in asset-based lending, providing various secured debt financing options across multiple industries, focusing on working capital and other assets [3]

Core Insights - Beachbody has demonstrated a successful turnaround, achieving net income profitability for the first time since going public, with a net income of over $3 million in Q3 2025 [7][8] - The company is shifting from a multi-level marketing (MLM) model to a multi-channel strategy, including retail distribution, which is expected to enhance growth opportunities [6][8] Company Overview - Beachbody, founded in 1998, has transitioned from DVD-based workout programs to a subscription-based digital platform, offering on-demand streaming of fitness content and nutrition coaching [19][20] - The company has built a strong portfolio of fitness brands, including P90X and Insanity, and has accumulated over 140 proprietary programs and 11,000 videos on its streaming platform, BODi [4][19] Market Opportunity - The overall wellness market is estimated at $6.5 trillion, with fitness and nutrition segments each valued at $1.1 trillion, indicating significant growth potential for Beachbody [2] Financial Performance - Beachbody has achieved eight consecutive quarters of positive adjusted EBITDA, totaling approximately $50 million, and has improved free cash flow from negative $300 million in 2021 to positive $13.1 million year-to-date in 2025 [7][8] - The company has successfully reduced its cash break-even point from approximately $900 million to about $180 million, a reduction of $720 million [8] Strategic Initiatives - The company plans to launch new products, including the P90X Generation Next program in February and the 10-Minute Body program, aimed at non-exercisers [10][11] - Beachbody is expanding its retail presence by introducing nutritional supplements under the P90X and Insanity brands, with plans to utilize QR codes for promotional offers [12][13] Cost Structure and Debt Management - The company has significantly reduced its workforce from over 1,000 employees to fewer than 300, optimizing its operational structure [18] - Debt refinancing efforts have led to a 44% reduction in overall interest expenses, improving financial stability [18]

Financial Data and Key Metrics Changes - The company has reduced its cash break-even level from $900 million in 2022 to approximately $180 million today, representing a $720 million reduction [24][25] - Free cash flow improved from negative $300 million in 2021 to positive $13.1 million in the first three quarters of 2025, marking a $300 million improvement [25] - Adjusted EBITDA transitioned from a loss of $86 million in 2021 to approximately $18 million of positive Adjusted EBITDA in 2025 [26] - The company achieved net income positive of over $3 million in Q3 2025 for the first time since going public [26] Business Line Data and Key Metrics Changes - The company has transitioned from a multi-level marketing (MLM) model to a multi-channel strategy, which includes direct-to-consumer, Amazon/Marketplace, affiliates, and retail [14][15] - The restructuring has led to a significant reduction in employee count from over 1,000 to less than 300 [15][22] - The company has maintained eight consecutive quarters of positive adjusted EBITDA, cumulatively around $50 million [17][22] Market Data and Key Metrics Changes - The general wellness market is valued at $6.5 trillion in 2023, with the fitness and nutrition categories each representing a $1.1 trillion potential market [5][6] - The company has a significant opportunity to expand its retail presence, which has not been previously utilized for its products [13] Company Strategy and Development Direction - The company is focusing on an innovation pipeline with new product launches scheduled between 2026 and 2027, including the 10-Minute Body program and a new P90X program [18][19] - A retail strategy is being implemented to sell previously unretail products, including nutritional supplements under well-known brand names [20][21] - The company aims to address the total addressable market (TAM) of non-exercisers and enhance brand exposure through retail partnerships [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the turnaround, stating that the company is a year ahead of schedule and financially stable with cash levels exceeding debt [22][24] - The focus is now on innovation and creative exercise-related programs rather than financial survival [22][32] - The management highlighted the importance of adapting marketing strategies to different demographics and the potential benefits of retail exposure [38][39] Other Important Information - The company has restructured its debt, reducing overall interest expenses by 44% [15][22] - The average interest rate on debt is approximately 15.5%, with a cash position of $34 million against $25 million of debt [28] Q&A Session Summary Question: Has the retail rollout process changed? - The retail process is slower than anticipated due to planogram schedules, but the company is actively aggregating retailer responses [34] Question: What could the long-term margin structure look like? - Gross margins are expected to normalize in the low- to mid-70s, with potential for high 80s-90% in fitness and mid-40s-50% in nutrition as retail expands [36][37] Question: What online media has been most effective for the target demographic? - The company has not yet identified the best medium but acknowledges the need to tailor content for different platforms and demographics [38]

Financial Data and Key Metrics Changes - The company has reduced its cash break-even level from $900 million in 2022 to approximately $180 million today, representing a $720 million reduction [24][25] - Free cash flow improved from nearly negative $300 million in 2021 to positive $13.1 million in the first three quarters of 2025, a $300 million improvement [25] - Adjusted EBITDA transitioned from a loss of over $86 million in 2021 to approximately $18 million of positive Adjusted EBITDA in 2025 [26] - The company achieved net income positive of over $3 million in Q3 of 2025 for the first time since going public [26] Business Line Data and Key Metrics Changes - The company has transitioned from a multi-level marketing (MLM) model to a multi-channel strategy, which includes direct-to-consumer, Amazon/Marketplace, affiliates, and retail [14][15] - The restructuring has led to a significant reduction in employee count from over 1,000 to less than 300 [15][22] - The company has maintained eight consecutive quarters of positive adjusted EBITDA, cumulatively around $50 million [17][22] Market Data and Key Metrics Changes - The general wellness market is valued at $6.5 trillion in 2023, with the fitness and nutrition categories each representing a $1.1 trillion potential market [5][6] - The company aims to tap into a broader audience by launching retail products, including a new small serve of Shakeology priced below $40 [21][20] Company Strategy and Development Direction - The company is focusing on an innovation pipeline with new product launches scheduled between 2026 and 2027, including the 10-Minute BODi program and a new P90X program [18][19] - A retail strategy is being implemented to sell previously unretail products, enhancing brand exposure and market reach [13][20] - The company is addressing the non-exerciser demographic with new content and products designed to engage this audience [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the turnaround, stating that the company is a year ahead of schedule and positioned for growth in 2026 and 2027 [24][32] - The financial flexibility gained from the turnaround allows the company to focus on innovation and creative product development rather than financial survival [22][32] Other Important Information - The company has restructured its debt, reducing overall interest expenses by 44% [15][22] - The average interest rate on debt is approximately 15.5%, with a cash position of $34 million against $25 million of debt [28] Q&A Session Summary Question: Has the retail rollout process changed? - The retail process is slower than anticipated due to planogram schedules, but the company is actively engaging with retailers and aggregating responses [34] Question: What could the long-term margin structure look like on an EBITDA level? - Management indicated that gross margins should normalize in the low- to mid-70s, with potential for high 80s to 90% on fitness and mid-40s to 50% in nutrition as the company grows [36][37] Question: What online media has been most effective for the target demographic? - The company has not yet identified the best medium but acknowledges the need to tailor content for different platforms, noting that audiences over 30 are less engaged with TikTok [38]

Financial Data and Key Metrics Changes - The company has reduced its cash break-even level from $900 million in 2022 to approximately $180 million today, representing a $720 million reduction [15][23] - Free cash flow improved from nearly negative $300 million in 2021 to positive $13.1 million in the first three quarters of 2025, a $300 million improvement [23] - Adjusted EBITDA transitioned from a loss of over $86 million in 2021 to approximately $18 million of positive Adjusted EBITDA in 2025 [24] - The company achieved net income positive status for the first time since going public, reporting over $3 million in Q3 of 2025 [24] Business Line Data and Key Metrics Changes - The company has transitioned from a multi-level marketing (MLM) model to a multi-channel strategy, which includes direct-to-consumer, Amazon/Marketplace, affiliates, and retail [14] - The restructuring has led to a significant reduction in employee count from over 1,000 to less than 300 [15] - The company has launched new products, including the 10-Minute Body program and a new P90X program, which are aimed at expanding its customer base [17][18] Market Data and Key Metrics Changes - The general wellness market is valued at $6.5 trillion, with the fitness and nutrition categories each representing a $1.1 trillion potential market [5] - The company aims to tap into the retail market for its products, which have never been sold in retail before, indicating a significant growth opportunity [13] Company Strategy and Development Direction - The company is focused on innovation and has a robust pipeline of new products scheduled for launch between 2026 and 2027 [17][30] - The strategy includes launching a retail line for its major brands, such as P90X and Shakeology, to increase brand exposure and sales [19][20] - The company is addressing the non-exerciser market with new content and smaller product sizes to attract a broader audience [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the turnaround, stating that the company is a year ahead of schedule and financially stable with cash levels exceeding debt [16][21] - The management highlighted the importance of the innovation pipeline and the potential for significant growth in the coming years [30] Other Important Information - The company has restructured its debt, reducing overall interest expenses by 44% [15] - The marketing expenses have been reduced from over 50% to the low-to-mid-30s percentage, allowing for increased media spending [27] Q&A Session Summary Question: Has the retail rollout process changed? - The retail process is slower than anticipated due to planogram schedules, but the company is actively engaging with retailers for product placement [32][33] Question: What could the long-term margin structure look like? - Gross margins are expected to normalize in the low- to mid-70s, with potential for high 80s-90% on fitness and mid-40s-50% in nutrition as retail grows [34][35] Question: What online media has been most effective for the demographic? - The company has not yet identified the best platform but acknowledges the need to tailor content for different audiences across various media [36][38]

Core Insights - The Beachbody Company, Inc. (BODi) will present at the 2026 ICR Conference on January 12, 2026, at 11:30 am EST [1] - A live webcast of the presentation will be available on the company's investor website [2] Company Overview - BODi, formerly known as Beachbody, has been a leader in structured home fitness and nutrition programs for nearly 30 years, with popular programs such as P90X, INSANITY, and 21 Day Fix [3] - The company has helped over 30 million people achieve significant health results and aims to assist busy individuals in integrating healthy habits into their daily lives [3] - BODi's mission focuses on empowering individuals to maintain motivation and accountability, promoting healthy weight management, improved metabolic function, and overall well-being [3]